Problema Solution
Ashleigh invested $800 in two seperate accounts paying 6% and 4%. After 1 years she had earned $42 interest. How much did she invest at each rate?
Answer provided by our tutors
Let
x = the amount invested at 6% annual rate
y = the amount invested at 4% annual rate
Using the given information we can write the following system of equations:
x + y = 800
0.06x + 0.04y = 42
........
click here to see the system of equations solved for x and y
........
x = $500
y = $300
Ashleigh invested $500 in the account paying 6% and $300 in the account paying $300.